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New Era Newspaper Thursday December 7, 2017

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10 Inside BUSINESS

10 Inside BUSINESS Thursday, December 7 2017 | NEW ERA Poverty and inequality prevail in Africa The Célestin Monga Change Latest 3 months 0.00% 7.13% 6 months 0.01% 7.73% 9 months 0.00% 7.98% 12 months -0.02% 8.30% 0.00% Latest GC18 (R204 : 7.46%) -0.04% 8.37% GC21 (R208 : 8.2%) -0.06% 9.02% GC24 (R186 : 9.14%) -0.08% 10.36% GC27 (R186 : 9.14%) -0.08% 10.75% GC30 (R2030 : 9.6%) -0.08% 11.27% GC32 (R213 : 9.66%) -0.08% 11.37% GC35 (R209 : 9.85%) -0.09% 11.28% MARKET OVERVIEW %Change 0 Gold -0.17% $ 1,273.96 Platinum -0.67% $ 920.03 Copper 0.00% $ 6,826.00 Brent Crude -0.22% $ 62.25 %Change - NSX (Delayed) -0.01% 1217.99 JSE All Share -1.18% 58,903.10 SP500 -0.11% 2,639.44 FTSE 100 0.14% 7,349.40 Hangseng -1.01% 28,842.80 DAX -0.21% 13,031.49 %Change - Financials 1.39% 16,614.40 Resources -2.22% 35,672.20 Industrials -2.01% 80,988.25 %Change - N$/US dollar -0.08% 13.5071 N$/Pound -0.47% 18.1278 N$/Euro -0.23% 16.0031 US dollar/ Euro -0.15% 1.1848 Latest Previous Namibia Inflation (Oct 17) 5.2 5.6 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 135 130 125 120 115 110 105 100 Staff Reporter Windhoek 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 Although African economies have registered strong economic growth in recent years, this growth is not inclusive, while poverty and inequality prevail. As a result, countries have been urged to fulfil their role towards good governance, emphasised the just ended African Economic Conference in Addis Ababa, Ethiopia. The conference noted that “evidence shows that countries with limited transparent, accountable and responsible governments and institutions, or weak socioeconomic systems, have experienced slow progress in diversifying the economy.” “Transformation of African economies cannot take place in a vacuum. It requires the concerted effort of government policies to provide the enabling environment for such transformations to take place,” said Célestin Monga, vice-president, economic governance and knowledge management and chief economist at the African Development Bank. The conference, took place in Addis Ababa, Ethiopia, from December 4-6, with the theme, ‘Governance for Structural Transformation’. The African Development Bank launched the African Economic Conference in November 2006 to foster knowledge exchange across a broad network of researchers, civil society organisations, and policy and development practitioners. The 2017 AEC is organised jointly by the African Development Bank (AfDB), the United Nations Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP). 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 2017 conference brought together policymakers, researchers and development practitioners from Africa and around the world to make strategic contributions to the achievement of structural transformation in Africa with an emphasis on developmental governance. “The goal of the 2017 African Economic Conference is to identify more and strategies for successful structural transformation, building on existing best practices and alternative African perspectives leading to structural transformation,” Monga said. Indeed, unlocking the industrialization potential is one challenge that most African governments are Diamond company workers demonstrate WINDHOEK Workers of DYS Diamond Manufacturers on Tuesday held a peaceful demonstration expressing their dissatisfaction with their employer’s decision to cut their December salary. The demonstration, led by the Mineworkers Union of Namibia (MUN), involved over 70 DYS employees, who were protesting in front of the company’s premises in Katutura. They demanded from management to reconsider the decision to cut their salary, urging them to meet the workers halfway. Speaking to Nampa, the DYS workers’ spokesperson, Apache Kuriri, said the company management decided that workers’ basic salary, transport, food and attendance allowances will not be paid in full in December and they will not be given a 13th cheque. She explained that the management decided to cut their salary, because the company is closing on December 15 for the holiday. Kuriri said this was patently unfair, as workers were willing to work the whole December to earn their normal salary and that the decision to go on break was taken by the management. “The employees of DYS Manufacturers are requesting the board of directors of DYS to meet us halfway and give us 80 percent of what we have demanded in our consultations in terms of our signed recognition grappling with today. There is growing recognition that governments have an important role to play in leading the industrialization process of their countries, framed by comprehensive and resolute industrial policy. Some of the high-level participants at the conference include Prime Minister of Ethiopia Hailemariam Desalegn,; United Nations Under Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa Vera Songwe; Chairperson, African Union Commission Moussa Faki Mahamat and the director of the Regional Service Centre for Africa of the United Nations Development Programme, Lamin Manneh. and procedural agreement,” she said. In the consultations that took place on November 2, the workers demanded a full monthly basic salary of N,500, food allowance of N0, transport allowance of N0 and attendance fee of N0, plus N,500 as the 13th cheque. MUN central regional organiser Sakaria Simon said the union has been consulting the DYS management on the salary issue, but the management kept putting the matter on hold and only communicated their decision on November 2. The company also announced that day that DYS would have no further meetings with the workers or union representatives. General manager of DYS Edwin John refused to speak to the union when approached by Simon during the demonstration. When approached by Nampa, John said the company’s decision to cut the workers’ salaries remains unchanged and refused to comment further. DYS Diamond Manufacturers is a joint venture between Dalumi Diamonds, Yerushalmi Brothers and Sahar Atid Diamonds, three major international diamond manufacturing companies. All three are De Beers Sightholders. It polishes and sells rough diamonds. The company opened in September 2016 with about 10 workers and currently employs over 100 people. – Nampa

Thursday, December 7 2017 | NEW ERA Inside BUSINESS 11 BRUSSELS The European Commission would unveil a raft of ideas to reform the eurozone on Wednesday, despite the resistance of powerful Germany, which remains without a government. The commission, the EU’s executive, is pushing through with their proposals, originally billed to be the European Union’s answer to the shock of Brexit, but now seen by some member states as an ill-timed and futile exercise. The ideas follow the heavily Brussels to unveil eurozone reform vision despite doubts trailed state of the union speech by European Commission head Jean- Claude Juncker in September and are intended to inspire discussion at an EU summit on the future of the euro on December 15. They also follow a laundry list of ideas set forth by French President Emmanuel Macron to strengthen the euro single currency, who worked under the assumption that Germany would have a pro-EU government installed by the end of the year. However, with a weakened German Chancellor Angela Merkel only now launching a second try at a governing coalition, many fear momentum is gone for bringing change to the euro in the near future. The commission’s reforms will include the idea of creating a eurozone fund, as well as expanding the powers of the eurozone’s current bailout body, the European Stability Mechanism, into a European version of the IMF. In an effort to beef up the commission’s message, Germany’s representative to the commission Guenther Oettinger will join his French and Latvian counterparts Pierre Moscovici and Valdis Dombrovskis, who hold economic portfolios, to announce the proposals on Wednesday. Despite the divisions, the EU’s heads of state, minus Britain, are due to discuss the reform plans at next week’s summit in Brussels and the original plan is to follow this up with a decisionmaking summit in June. European Council President Donald Tusk, who coordinates summits, is expected to tell member states that the meeting “should set the stage for leaders to take decisions next year”, EU sources said. “At the summit, leaders will be asked to spell out their preferred approach to further strengthening European Monetary Union,” he will tell them. Tusk unveiled a twoyear programme of summits earlier this year aimed at capitalising on the energy brought by the heavily pro- European Macron to reboot the bloc after Brexit. But there will be “no major decision at the December summit,” said one of the EU sources, with the intense drama over Brexit almost certain to bury out all other topics. “No one likes the Commission package, but nobody is brave enough to say it,” the source added. EU been discussing the various reform ideas since November, but amid widespread reluctance to embrace concrete action without any guidance from Berlin. “I can tell you in advance, we will have a new government in Germany before there is a consensus between member states on these reforms,” said Germany’s caretaker Finance Minister Peter Altmaier, a close ally of Merkel. The proposals are certainly weaker than Macron’s ambitions for the eurozone, but still draw the suspicion in other, more austerity minded EU countries, including the Netherlands and Finland. France will be disappointed by the commission stepping back from proposing full-fledged spending power for the eurozone, that could transfer tax revenue from rich states to the poorer ones. Potentially the most hot-button idea will be simplifying rules for national budgets, which eurozone governments have to keep under tight control to escape sanctions from Brussels. German media has that the commission is seeking to loosen the rules, drawing fierce denials by Brussels. - Nampa/AFP

New Era

New Era Newspaper Vol 22 No 167